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Its definitly a good idea. SEGA has a plethora of great IP's and Sonic in particular fits Nintendo like a glove.
My only question is how would the games be developed by. SEGA is now a shell of what it used to be.

If it does happen, best grab all those PSN/Xbox live games while you still can.
For the record, i guess there are some signs of this possibility as the 3DS has a SEGA Game gear virtual machine aswell.

 

Also, it probably makes the Wii U a must-buy for me. Old SEGA fanboy here.

 

It just occured to me that camelot will probably be more than happy to make Shining Force 4 if Nintendo aquires SEGA. That would be awesome. Also the potencial of Shenmue 3 or Panzer dragoon Saga 2... hmmm...